Shriram Properties, a subsidiary of Chennai-based Shriram Group, will invest around Rs 3,500 crore for developing malls in the country over the next four years. The company is also planning to hive off its retail developments as a separate arm.
In the first phase of development, the company has identified the three cities of Kolkata, Chennai and Visakhapatnam and will build around 15 malls in different locations, at the cost of around Rs 200 crore each.
Speaking to media, M Murali, managing director, Shriram Properties, said, “A total of 20 million square feet of retail space will come up in three locations in the first phase of development at a cost of around Rs 630 crore. Talks are on with leading international mall development firms for managing the properties and they will also invest as co-partners.”